Mideast Oil Exports Rebound Even as Prices Remain Elevated

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More tankers are moving through the Strait of Hormuz as shippers gain confidence, but the global supply of oil is still below demand.

Oil exports from the Middle East have risen sharply this month, some oil analysts say, taking them closer to the level they were at before Iran shut down the Strait of Hormuz in March, a rebound that could ease some pressure on global energy prices.

In September, an average of 10 million barrels of oil has gone through the waterway daily, according to Kpler, a firm that tracks oil tankers. Separately, six million barrels of crude a day has left the Persian Gulf states this month through pipelines and ports that bypass the strait, Kpler’s data shows.

Before the war with Iran began at the end of February, around 19 million barrels of crude left the region daily through the waterway and other routes. Because of the difficulty in tracking tankers, export totals supplied by analysts might not reflect the true flow of oil, but most experts say volumes rose significantly this month.

The turnaround has most noticeably occurred in the strait, even though Iran continues to attack tankers. A U.S. military operation aimed at protecting the vessels from the attacks appears to have encouraged more shipments by big exporting countries, like Saudi Arabia and the United Arab Emirates.

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Mideast Oil Exports Rebound Even as Prices Remain Elevated

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